LTC Price Prediction – November 11
LTC/USD manages to maintain its position, while the bulls maintain the desire to defend the support at $55.
Resistance levels: $65, $67, $69
Support levels: $52, $50, $48
After being locked below the 9-day moving average on the price charts yesterday, LTC/USD undergoes a much-needed break to the positive side as the market opens today. The coin is seen posting gains of over 3.52% in the last 24 hours, with the coin trading above the 9-day and 21-day moving averages and at a price of $60.01 at the time of writing.
What to Expect from Litecoin (LTC)
LTC/USD resumes back in the middle of consolidation after a slight drop from 64.87 a few days ago. The price is now roaming around the $60 level. If the market continues the surge and squeeze, the $62 resistance level is likely to surface in the next few positive moves. More so, LTC/USD pair might further look for higher price levels if the bulls continue to show commitment.
However, the market is currently displaying a sign of subduing volatility with choppy price action. However, if the Litecoin price decides to stay under the control of bears, the price may roll back to the previous supports at $52, $50, and $48. But on the upside, we can expect the next level of resistance at $65, $67, and $69. Moreover, the RSI (14) is moving below the $40-level, which indicates that bullish movement may come into focus.
When compares with Bitcoin, the Litecoin price is currently following a bearish sentiment, trading under the 9-day and 21-day moving averages within the descending channel. However, if the bulls attempt to gain momentum, the bears are likely to keep releasing huge pressure on the market as the technical indicator RSI (14) slides below 40-level, suggesting more bearish signals.
However, if LTC/BTC falls below the lower boundary of the channel, it may likely hit the nearest support at 3600 SAT. Any further negative movement could significantly lower the price to 3500 SAT and below. In case of a rebound, the coin can test the 4200 SAT above the moving averages before resuming the rally. If the bulls manage to stay well above this barrier, traders could see a bull-run to the resistance level of 4300 SAT and above.